First paragraph: Accounting has become increasingly international, not least through the work of the IASB and IFAC, and the increasing international adoption of their standards. For example, since 2005 listed European Union (EU) companies have been required to prepare consolidated financial statements in accordance with International Accounting Standards (IAS) and International Financial Reporting Standards (IFRS). Many other jurisdictions have implemented or opted for convergence with IFRS. ...

Tabner I Buying Versus Renting – Determinants of the Net Present Value of Home Ownership for Individual Households (Forthcoming/Available Online), International Review of Financial Analysis.

The tenure decision upon whether to buy or to rent accommodation has long-term consequences for households' financial wellbeing that influence macroeconomic development and stability when the cumulative effects of individual decisions are aggregated across populations. The author explains how the net present value (NPV) of ownership versus renting can be used as a framework for informing housing tenure decisions. Increases in holding periods, inflation and the spread between imputed rent and ...

We study how the recent changes in the structure of the US banking market affect the banks’ behavior in relation to competition, risk, and profit. Using the Herfindhal-Hirschman (HHI) and Lerner indices, we find a general increase in the concentration and market power of banks since the recent crisis period. Thus, we also consider whether bank-specific or general economic conditions have a greater impact on the competition, risk, and profit. The results support the view that changes in the ma...

Myopic loss aversion was suggested byBenartzi and Thaler (1995)as an explanation for the equity premium puzzle. Its main prediction is that loss averse investors, who evaluate their investment performance too frequently and therefore often observe small losses on their stock portfolios, would invest too little in equity. We investigate the link between myopic loss aversion and actual investment decisions of individual investors, using survey data. Our results are consistent with the predictio...

Identifying a suitable benchmark is essential when testing asset pricing models, measuring the performance of active investors, or providing market proxy portfolios for passive investors. Concern that increased domination of capitalization weighted stock indices by a few large firms will lead to inefficient portfolio diversification is leading some investors and researchers to argue that index providers should adjust their weighting methods to limit concentration. This study tests and rejects...

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